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1 Interim Financial Report 31 December 2015 Incorporating Appendix 4D Photo: Blast Hole Drilling at Kathleen Valley Blast Hole Drilling

2 TABLE OF CONTENTS INTERIM FINANCIAL REPORT 31 DECEMBER 2015 Appendix 4D Results for announcement to the market 3 Key financial highlights 4 Directors report Directors 5 Review and results of operations 5 Auditors independence declaration 9 Interim financial report Consolidated statement of profit or loss 10 Consolidated statement of comprehensive income 11 Consolidated statement of financial position 12 Consolidated statement of changes in equity 13 Consolidated statement of cash flows 14 Notes to the consolidated financial statements 15 Directors declaration 23 Auditors independent review report 24 2

3 APPENDIX 4D (RULE 4.2A) Results for announcement to the market ABN Previous corresponding period December 2014 Consolidated 6 months to 31 6 months to 31 Dec 2014 Movement Movement % Revenue from continuing activities 75,834 69,023 6, Net profit (loss) after tax 21,914 3,965 17, Net profit (loss) after tax attributable to members 21,914 3,965 17, Net asset backing per ordinary security $ This Appendix 4D is to be read in conjunction with the 2015 Annual Report, the December 2014 Interim Financial Report and Directors Report. The directors do not propose to pay any dividend for the half year ended 31 December Review of operations highlights Fine gold production exceeded expectations in the period due to the performance of both Mt Magnet and Kathleen Valley gold projects Underground development at the high grade Vivien gold project progressed with 1,446 metres of total development achieved, including 847 metres in the decline Maiden ore reserve established at the Blackmans gold project, 30km north of Mt Magnet Significant bedrock gold mineralisation intersected below the existing Milky Way open pit, 3.6km from the Mt Magnet mill Maiden ore reserve established for Nil Desperandum and Yellow Aster North open pits at the Kathleen Valley gold project 3

4 APPENDIX 4D (RULE 4.2A) Key financial highlights Financial performance 6 months to 31 6 months to 31 Dec 2014 Movement Total sales revenue 75,834 69,023 6,811 Cost of sales (50,316) (61,335) 11,019 Gross profit 25,518 7,688 17,830 Net profit (loss) after tax 21,914 3,965 17,949 Basic EPS cps Dilutive EPS cps Cash flows 6 months to 31 6 months to 31 Dec 2014 Movement Cash flow from operating activities 39,420 13,039 26,381 Financial position As at 31 As at 30 June 2015 Movement % Net assets 121,637 99, Cash balance 35,232 32,

5 DIRECTORS REPORT Your directors present their report on the consolidated entity consisting of Ramelius Resources Limited and its controlled entities for the half year ended 31 December 2015 and the auditor s independent review report thereon. Directors The directors of Ramelius Resources Limited (Ramelius or Company) at any time during or since the end of the half year are: Robert Michael Kennedy Independent Non Executive Chairman Mark William Zeptner (appointed Managing Director effective 1 July 2015) Managing Director Kevin James Lines Independent Non Executive Director Michael Andrew Bohm Independent Non Executive Director Review and results of operations Financial Sales revenue for the half year ended 31 December 2015 increased by 10% to $75.8M compared to $69.0M reported in the previous corresponding period, mainly due to: an increase in the average realised gold price greater gold production ounces sold offset in part by lower silver sales and lower milling revenue 5

6 DIRECTORS REPORT Gross profit (loss) Gross profit for the half year ended 31 December 2015 was $25.5M, up from the previous corresponding period gross profit of $7.7M as follows. Gross profit (loss) Dec 15 Dec 14 Movement Sales revenue $M Cash cost of production $M (40.9) (46.0) 5.1 Cash effect $M Amortisation and depreciation $M (16.9) (12.9) (4.0) Inventory movements and write downs $M 7.5 (2.4) 9.9 Gross profit (loss) $M Profit (loss) A profit after income tax was recorded for the half year ended 31 December 2015 of $21.9M, compared to a profit of $4.0M in the previous corresponding period. Operations report Mining activity in the period focused on Mt Magnet, Kathleen Valley and Vivien gold projects in Western Australia. Mining at Mt Magnet continued at the Perseverance open pit as the Company successfully transitioned from the Saturn and Mars open pits which were both completed during the period. Ore mining commenced at Kathleen Valley during the period at the Mossbecker open pit whilst pre strip mining activity commenced at the Yellow Aster open pit. Capital development commenced at the Vivien gold underground project and advanced strongly during the period. The Burbanks treatment plant was on care and maintenance in the period. Total fine gold production totalled 51,430 ounces compared to 46,776 ounces in the previous corresponding period. Total All In Sustaining Cost (AISC) of production averaged $1,185 per ounce for the calendar year which was below the average realised gold price of $1,560 per ounce over the same period. 6

7 DIRECTORS REPORT Exploration and project development operations report Blackmans (WA) The Blackmans gold project is located 30km north of Mt Magnet, in Western Australia. A maiden Ore Reserve was released in the period and significant progress was made in submitting and obtaining necessary mining approvals. Milky Way (WA) The Milky Way gold project is located 3.6km southwest of the Checkers Mill at Mt Magnet. Drill programmes were conducted during the period and returned highly encouraging results. Gold mineralisation remains open to the south and down dip and infill resource definition drilling and deeper exploration drilling is continuing. Tanami Joint Venture Gold Project (NT) Ramelius 85% Ramelius met its earn in expenditure commitment in the period and thus acquired an 85% interest in the Tanami Joint Venture from Tychean Resources Limited (ASX: TYK). Tychean retains a free carried 15% interest in the Joint Venture through to any decision to mine. Ramelius drilled seven holes in the period which encountered anomalous gold in assay samples and confirmed prospectivity of a wider Suplejack target. Three Exploration Licences were granted in the period. Work progressed on submitting a Mine Management Plan to the Northern Territory Department of Mines and Energy and liaising with the Central Land Council to allow reconnaissance exploration to proceed during the 2016 field season. Condobolin JV (NSW) Ramelius earning 80% No significant gold results (>1.0 g/t Au) were returned from a small 639m programme of three RC holes designed to test a series of chargeable induced polarization anomalies. Cavanaghs JV (WA) Ramelius earning 70% Ramelius drilled one angled RC hole into a strongly conductive electro magnetic anomaly but failed to intersect any anomalous nickel sulphides (>0.1% Ni). An 8m thick graphitic shale unit adequately explained the source of the conductive anomaly. No significant nickel or copper sulphide results (>0.1% Ni or Cu) were returned from a second RC hole for 72m drilled into the Cavanaghs differentiated mafic sill complex, located immediately west of the Company s gold mining operations at Mt Magnet. Tomalla Option (NSW) Withdrawn from Option to acquire 80% No significant (>0.5g/t Au) mineralisation was returned from the diamond drilling into the Tomalla project in the period. The property has been returned to the vendor. Corporate The A$10,000,000 financing facility secured with the Commonwealth Bank of Australia (CBA) in June 2015 remained undrawn in the period. Ramelius continued to deliver gold into its forward sales program during the period and at 31 December 2015, held forward sales contracts for 63,705 ounces of gold at an average price of $1,570 per ounce deliverable up to March Rounding of amounts The Company is of a kind referred to in Class Order 98/100, issued by the Australian Securities and Investment Commission, relating to rounding off of amounts in the directors report and financial report. Amounts in the Directors Report and financial report have been rounded off to the nearest thousand dollars in accordance with that Class Order. 7

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9 Level 1, 67 Greenhill Rd Wayville SA 5034 Correspondence to: GPO Box 1270 Adelaide SA 5001 AUDITOR S INDEPENDENCE DECLARATION TO THE DIRECTORS OF T F E info.sa@au.gt.com W In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Ramelius Resources Limited for the half-year ended 31 December 2015, I declare that, to the best of my knowledge and belief, there have been: a b No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and No contraventions of any applicable code of professional conduct in relation to the review. GRANT THORNTON South Australian Partnership Chartered Accountants J L Humphrey Partner Adelaide, 18 February 2016 Grant Thornton South Australian Partnership ABN a subsidiary or related entity of Grant Thornton Australia Ltd ABN Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another s acts or omissions. In the Australian context only, the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

10 CONSOLIDATED STATEMENT OF PROFIT OR LOSS Note Consolidated Dec 2014 Sales revenue 4(a) 75,834 69,023 Cost of production 4(b) (50,316) (61,335) Gross profit (loss) 25,518 7,688 Other income 4(c) 6,302 3 Other expenses 4(d) (2,942) (1,733) Operating profit (loss) before interest income & finance costs 28,878 5,958 Interest income 4(e) Finance costs 4(e) (453) (404) Profit (loss) before income tax 28,729 5,753 Income tax expense 5 (6,815) (1,788) Profit (loss) after income tax 21,914 3,965 Earnings per share cents cents Basic earnings per share Diluted earnings per share The above consolidated statement of profit and loss should be read in conjunction with the accompanying notes 10

11 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Consolidated Dec 2014 Profit (loss) after income tax 21,914 3,965 Other comprehensive income, net of tax Items that may be reclassified to profit or loss Change in fair value of available for sale assets (144) Foreign currency translation 1 Other comprehensive income, net of tax (144) 1 Total comprehensive income 21,770 3,966 The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes 11

12 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015 Note Consolidated Jun 2015 Current assets Cash and cash equivalents 35,232 32,425 Trade and other receivables 1,591 3,893 Inventories 6 15,432 8,403 Derivative financial instruments 7 5,094 1,078 Other current assets Total current assets 58,082 46,543 Non current assets Trade and other receivables 514 Available for sale financial assets Property, plant and equipment 8 25,543 25,883 Development assets 9 66,814 46,607 Intangible assets Exploration and evaluation expenditure 10 9,507 7,734 Derivative financial instruments Deferred tax assets 28,984 29,799 Total non current assets 132, ,610 Total assets 190, ,153 Current liabilities Trade and other payables 22,932 17,515 Borrowings ,062 Provisions 3,194 2,074 Total current liabilities 26,551 20,651 Non current liabilities Provisions 23,849 24,552 Derivative financial instruments Deferred tax liabilities 18,413 12,476 Total non current liabilities 42,262 37,198 Total liabilities 68,813 57,849 Net assets 121,637 99,304 Equity Share capital , ,251 Reserves 2,974 3,086 Retained losses (6,119) (28,033) Total equity 121,637 99,304 The above consolidated statement of financial position should be read in conjunction with the accompanying notes 12

13 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Consolidated Share capital Share based payment reserve Available for sale reserve Forex translation reserve Asset revaluation reserve Retained losses Total Balance 1 July ,743 2,321 (133) 634 (44,101) 77,464 Profit (loss) for the period 3,965 3,965 Other comprehensive income 1 1 Total comprehensive income 1 3,965 3,966 Transactions with owners in their capacity as owners: Share capital 5,684 5,684 Transaction costs net of tax (191) (191) Share based payments Balance 31 December ,236 2,475 (132) 634 (40,136) 87,077 Balance 1 July ,251 2,545 (93) 634 (28,033) 99,304 Profit (loss) for the period 21,914 21,914 Other comprehensive income (144) (144) Total comprehensive income (144) 21,914 21,770 Transactions with owners in their capacity as owners: Share capital Transaction costs net of tax (3) (3) Share based payments Balance 31 December ,782 2,577 (237) 634 (6,119) 121,637 The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 13

14 CONSOLIDATED STATEMENT OF CASH FLOWS Consolidated Dec 2014 Cash flows from operating activities Receipts from operations 79,969 62,230 Payments to suppliers and employees (40,783) (49,366) Interest received Finance costs (69) (70) Net cash provided by (used in) operating activities 39,420 13,039 Cash flows from investing activities Payments for derivatives (186) (141) Payments for property, plant, equipment (3,092) (413) Proceeds from sale of property, plant and equipment 2 Payments for development (30,940) (4,675) Payment for site rehabilitation and demobilisation (37) (24) Payments for mining tenements and exploration (2,253) (6,161) Net cash provided by (used in) investing activities (36,508) (11,412) Cash flows from financing activities Repayment of borrowings (637) (637) Proceeds from issue of shares 534 5,684 Transaction costs from issue of shares (4) (322) Net cash provided by (used in) financing activities (107) 4,725 Net increase (decrease) in cash held 2,805 6,352 Cash at beginning of the half year 32,425 12,433 Effects of exchange rate changes on cash held in foreign currency 2 4 Cash at end of the half year 35,232 18,789 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 14

15 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 REPORTING ENTITY Ramelius Resources Limited (Ramelius or the Company) is a company domiciled and incorporated in Australia whose shares are publicly traded on the Australian Securities Exchange (ASX). The registered office is Suite 4, Level 1, 148 Greenhill Road, Parkside 5063, Adelaide, South Australia. The interim financial report for the six months ended 31 December 2015 comprises the Company and its subsidiaries (together referred to as group or consolidated group). 2 BASIS OF PREPARATION The consolidated interim financial statements are a general purpose financial report prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act The consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2015 and any public announcements made by Ramelius during the interim period in accordance with the continuous disclosure requirements of the ASX Listing Rules. The consolidated annual financial report of the group for the year ended 30 June 2015 is available from the Company s website at The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. Management has reviewed a number of new or amended standards that became applicable for the current reporting period and has considered the impact of standards issued but not yet applied by the entity in the period. As a result, the group did not have to change its accounting policies or make retrospective adjustments as a result of these standards and there was no material effect on the classification or presentation of balances. 3 OPERATING SEGMENTS Management has determined the operating segments based on internal reports about components of the group that are regularly reviewed by the Chief Operating Decision Maker, the Managing Director/Chief Executive Officer, in order to make strategic decisions. The reportable operating segments reflect the group s current strategic business units. The following summary describes the operations in each of the group s reportable segments: (i) Exploration, (ii) Burbanks, and (iii) Mt Magnet. The Managing Director/Chief Executive Officer monitors performance in these areas separately. Unless stated otherwise, all amounts reported to the Managing Director/Chief Executive Officer are determined in accordance with accounting policies that are consistent to those adopted in the annual financial statements of the group. The group operates primarily in one business segment, namely the exploration, development and production of minerals with a focus on gold. 15

16 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Reportable segment performance for the six months ended 31 December 2015 is set out below: s Mt Magnet Burbanks Exploration Total Dec 2014 s s Dec 2014 s s Dec 2014 s s Dec 2014 s Segment revenue Total segment revenue 75,834 60,203 10,427 75,834 70,630 Less: inter segment revenue (1,607) (1,607) Revenue from external customers 75,834 60,203 8,820 75,834 69,023 Segment cost of production Cost of production before the following items: (72,669) (47,833) (248) (2,812) (72,917) (50,645) Amortisation and depreciation (16,866) (11,520) (85) (1,393) (16,951) (12,913) Movement in inventory 7,502 (86) (2,360) 7,502 (2,446) Deferred costs 32,050 4,669 32,050 4,669 Segment cost of production (49,983) (54,770) (333) (6,565) (50,316) (61,335) Gross margin 25,851 5,433 (333) 2,255 25,518 7,688 Interest income Finance costs (453) (404) Other income (expenses) 3,836 (2,160) Impairment and exploration write off (143) (399) (384) (476) 430 Profit (loss) before income tax 28,729 5,753 A reconciliation of reportable segment assets and liabilities as at 31 December 2015 is set out below: s Mt Magnet Burbanks Exploration Total Jun 2015 s s Jun 2015 s s Jun 2015 s s Jun 2015 s Segment assets 106,131 81,254 2,403 2,491 9,891 8, ,425 91,831 Segment liabilities 46,659 41,152 2,150 2, ,341 44,223 16

17 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Note Consolidated Dec Dec REVENUE AND EXPENSES Profit (loss) before tax includes the following revenue, income and expenses whose disclosure is relevant in explaining group performance: a) Sales revenue Gold sales 75,729 67,099 Silver sales Milling services 1,513 Other Total sales revenue 75,834 69,023 b) Cost of production Amortisation and depreciation 16,951 12,913 Employee benefits expense 6,966 7,746 Inventory movements (7,502) 2,446 Mining and milling production costs 32,132 36,738 Royalty costs 1,769 1,492 Total cost of production 50,316 61,335 c) Other income Foreign exchange gains 4 3 Gain on derivative financial instruments 6,298 Total other income 6,302 3 d) Other expenses Amortisation and depreciation Employee benefits expense 1,200 1,068 Equity settled share based payments Exploration costs written off Impairment of exploration and evaluation assets 151 Impairment of development assets 102 Reversal of impairment of property, plant & equipment (25) Loss on derivative financial instruments Foreign exchange losses 3 1 Loss on sale of non current assets 3 Reversal of provision for impairment (814) Other expenses Total other expenses 2,942 1,733 17

18 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Consolidated Dec 2014 e) Net finance costs (income) Interest costs and finance charges Discount unwind on provisions / borrowings Total finance costs Interest income (304) (199) Net finance costs (income) INCOME TAX Income tax expense is recognised based on management s estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the year to 31 December 2015 is 24%, compared to 31% for the six months ended 31 December INVENTORIES Consolidated Jun 2015 Inventories Gold nuggets at cost Ore stockpiles 4,995 1,300 Gold in circuit 3,636 1,618 Gold bullion 1,796 Consumables and supplies 4,925 5,405 Total inventories 15,432 8,403 7 FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS a) Fair value hierarchy AASB 7 Financial Instruments Disclosures requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: (a) quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) (b) inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (level 2), and (c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3). All financial instruments were valued using these valuation techniques. There were no changes in valuation techniques for financial instruments in the period. The following table presents the group s financial assets measured and recognised at fair value at 31 December 2015 and 30 June 2015: 18

19 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Dec 15 s Level 1 Level 2 Level 3 Total Jun 15 s Dec 15 s Jun 15 s Dec 15 s Jun 15 s Dec 15 s Jun 15 s Current Derivatives assets 5,094 1,078 5,094 1,078 Total current financial instruments 5,094 1,078 5,094 1,078 Non current Available for sale financial assets Derivative assets Derivative liabilities (170) (170) Total non current financial instruments (67) b) Fair value of other financial instruments The group has financial instruments that are not measured at fair value in the statement of financial position. The fair values are not materially different to their carrying amounts, since interest payable is close to the current market rate and/or the instruments are short term in nature. Other financial instruments at 31 December 2015 are as follows. Consolidated Jun 2015 Finance lease liability Current 425 1,062 8 PROPERTY, PLANT AND EQUIPMENT Property Properties at fair value 1,529 1,529 Accumulated depreciation (150) (132) Total property assets 1,379 1,397 Plant and equipment Plant and equipment at cost 60,206 56,489 Accumulated depreciation (36,042) (32,003) Total plant and equipment 24,164 24,486 Total property, plant and equipment 25,543 25,883 Plant and equipment reconciliation Balance at beginning of financial year 24,486 34,860 Additions 3,717 1,961 Restoration and rehabilitation adjustment (25) (138) Disposals (89) Impairment reversal (impairment expense) 25 (123) Assets written off (56) Depreciation (4,039) (11,929) Total plant and equipment 24,164 24,486 19

20 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Consolidated Jun DEVELOPMENT ASSETS Development assets Development assets at cost 95,200 62,103 Accumulated amortisation (28,386) (15,496) Total development assets 66,814 46,607 Reconciliation Balance at beginning of financial year 46,607 11,900 Additions 33,097 23,648 Restoration and rehabilitation adjustment 102 1,415 Transferred from exploration and evaluation expenditure 22,520 Impairment (102) (91) Amortisation (12,890) (12,785) Total development assets 66,814 46, EXPLORATION AND EVALUATION EXPENDITURE Exploration and evaluation expenditure Exploration assets at cost 9,507 7,734 Reconciliation Balance at beginning of financial year 7,734 22,766 Additions 1,924 8,226 Transferred to development assets (22,520) Impairment (151) (738) Total exploration and evaluation expenditure 9,507 7, BORROWINGS Current Finance lease liability secured 425 1,062 Finance lease liability The group s lease liabilities represent deferred payments for the Mt Magnet mine camp which are secured against the mine camp asset. In the event of default, the assets revert to the lessor. Finance facility Ramelius entered into a $10,000,000 finance facility which is secured by a floating charge over Revolving Assets and a fixed charge over all other Collateral of Ramelius Resources Limited and Mt Magnet Gold Pty Ltd. Under the terms of the finance facility, Ramelius is required to maintain a minimum reserve account balance of $5,000,000 to 31 December 2016 which reduces to $2,500,000 from 31 December 2016 onwards. 20

21 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 12 SHARE CAPITAL Ordinary shares Number of Shares $ Share capital at 30 June ,155, ,742,144 Issue of shares resulting from vesting of rights 500,000 Issue of shares under rights issue 70,521,724 4,583,912 Issue of shares under placement 16,892,307 1,098,000 Issue of shares on exercise of options 148,172 17,781 Less cost of share issues (net of tax) (190,652) Share capital at 30 June ,217, ,251,185 Issue of shares on exercise of options 4,446, ,553 Less cost of share issues (net of tax) (2,483) Share capital at 31 December ,664, ,782, CONTINGENT LIABILITIES The following changes to contingent liabilities have arisen since 30 June 2015: (i) Bank guarantees The group has negotiated a number of bank guarantees in favour of various government authorities and service providers. The total nominal amount of bank guarantees at the reporting date is $2,560,611 (30 June 2015: $2,308,916). These bank guarantees are fully secured by cash on term deposit. 14 SUBSEQUENT EVENTS On 28 January 2016 Ramelius announced that the Yellow Aster North and Nil Desperandum open pits at Kathleen Valley were granted Board approval to commence mining in On 9 February 2016 Ramelius announced that it forward sold an additional 60,000 ounces of gold at a flat forward price of $1,600 per ounce. Further information on the abovementioned subsequent events can be found on the Company s website at Apart from the above, no matters or circumstances have arisen since 31 December 2015 that have significantly affected, or may significantly affect: (a) The group s operations in future financial years, (b) The results of operations in future financial years, or (c) The group s state of affairs in future financial years. 15 ESTIMATES The preparation of the interim financial report requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts and liabilities, income and expenses. Actual results may differ from these estimates. In preparing this consolidated interim financial report, the significant judgements made by management in applying the consolidated entity s accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial report as at and for the year ended 30 June

22 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16 FINANCIAL RISK MANAGEMENT The consolidated group is involved in activities that expose it to a variety of financial risks including currency risk, fair value risk, interest rate risk and commodity pricing risk. The consolidated group s overall risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the consolidated group. The consolidated group uses various hedge strategies to minimise potential adverse effects on financial performance. Financial risk management is carried out by senior management under guidelines and policies approved by the Board. 22

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24 Level 1, 67 Greenhill Rd Wayville SA 5034 Correspondence to: GPO Box 1270 Adelaide SA 5001 T F E info.sa@au.gt.com W INDEPENDENT AUDITOR S REVIEW REPORT TO THE MEMBERS OF We have reviewed the accompanying half-year financial report of Ramelius Resources Limited ( Company ), which comprises the consolidated financial statements being the statement of financial position as at 31 December 2015, and the statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a description of accounting policies, other explanatory information and the directors declaration of the consolidated entity, comprising both the Company and the entities it controlled at the half-year s end or from time to time during the half-year. Directors responsibility for the half-year financial report The directors of Ramelius Resources Limited are responsible for the preparation of the halfyear financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such controls as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express a conclusion on the consolidated half-year financial report based on our review. We conducted our review in accordance with the Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Ramelius Resources Limited consolidated entity s financial position as at 31 December 2015 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations As the auditor of Ramelius Resources Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. Grant Thornton South Australian Partnership ABN a subsidiary or related entity of Grant Thornton Australia Ltd ABN Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another s acts or omissions. In the Australian context only, the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

25 2 A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Independence In conducting our review, we complied with the independence requirements of the Corporations Act Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Ramelius Resources Limited is not in accordance with the Corporations Act 2001, including: a giving a true and fair view of the consolidated entity s financial position as at 31 December 2015 and of its performance for the half-year ended on that date; and b complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations GRANT THORNTON South Australian Partnership Chartered Accountants J L Humphrey Partner - Audit & Assurance Adelaide, 18 February 2016